Certain people have been circulating misleading information about the funded status of the plan. These people have no new information on which to base their claims. It is true that contributions are less than benefit payments each month. This is not a new issue. This has been discussed many times over the last few years at Board meetings and was widely discussed last year during the legislative process. The difference between contributions and benefit payments has absolutely been included in the funding level calculations every year.
It is common in a pension plan as it “matures” to have benefit payments exceed contributions when there are large numbers of retirees and beneficiaries compared to the number of active members. It will take many years before there are a significant number of retirees with benefits that reflect the lower benefit structure. Benefit outflows and city contribution inflows are in line with what the actuary calculated last year when the legislation was passed. It was known and expected that the funding level of the plan will decline and remain low for a prolonged period of time before it starts to rebound, even if all assumptions are met. We have absolutely disclosed this information on numerous occasions and statements to the contrary are scurrilous attempts by someone to create a panic which they view as beneficial to their own individual interest.
As always, when we receive updated information from the actuary we will provide additional information about the funding status and any changes from the prior year information. We urge you to attend the Board meeting when the actuary presents the January 1, 2018 valuation which we expect to occur in September.
- The Court in the Degan case has ruled in favor of the DPFP Board and has granted DPFP’s motion to dismiss the case. You can read the ruling by Judge Godbey here.
Important Information regarding the DROP Revocation (UNDO) Process
The State mandated deadline to complete a DROP revocation (UNDO) is February 28, 2018. Absolutely no late revocation forms can be accepted.
The last Combined Informational and Revocation meeting will be held on February 28, 2018 from 9-11 a.m.
If you are interested in seeing how a DROP UNDO may impact you, you must call DPFP at 214-638-3863 ASAP to get your name added to the DROP UNDO list and be scheduled for this last meeting. Your individual numbers must be calculated prior to the meeting; therefore, it is not possible have members in the meeting that have not pre-registered.
You must attend this group meeting to revoke a prior DROP election.
Any Member that has attended a previous Informational or Revocation meeting, and has not submitted their completed paperwork, needs to also contact DPFP and have their name added to this last group session.
Please note DPFP must receive your completed DROP UNDO Revocation paperwork no later than February 28, 2018. No late Revocation forms can be accepted.
The Dallas Police and Fire Pension System has scheduled additional Combined Informational and Revocation (UNDO) meetings every Wednesday in the month February.
The February Combined Informational and Revocation Meeting Dates are:
February 7th Wednesday 9-11 a.m.
February 14th Wednesday 2-4 p.m.
February 21st Wednesday 9-11 a.m.
February 28th Wednesday 9-11 a.m.
If your name is not on the DROP UNDO list and you are interested in seeing how a DROP UNDO may impact you, please call DPFP at 214-638-3863 ASAP to get added to the list. Only those members whose names are on the DROP UNDO list will be contacted to attend a meeting. You must attend a group meeting to revoke a prior DROP election, due to the volume no individual meetings will be scheduled.
Any Member that has attended a previous Informational or Revocation Meeting, and has not completed their paperwork, needs to contact DPFP and have their name added to one of the group sessions listed above.
Please note DPFP must receive your completed DROP UNDO Revocation paperwork no later than February 28, 2018. No late Revocations can be accepted.
- The amount of federal tax being withheld from your monthly benefit payments (if any) may have changed because the withholding tables have changed. Until you file a new election with us, your prior choice as to whether to have withholding, and on what basis will remain in effect. You may change your election using a Form W-4P and sending to the DPFP office. There is no need to complete the form unless you wish to change the election you have already made. If you make a change, it will be put into effect for the next month end payment, provided we receive the form by the 15th of the month. Note: the IRS has not released the 2018 Form W-4P at this time, your election can be made on the 2017 form that is provided at the link.
- The January 11th Board meeting will start at 1:00 p.m. The meeting will be held on the second floor of the DPFP office at 4100 Harry Hines Blvd, Dallas, TX 75219.
- The Dallas Police and Fire Pension System’s Board of Trustees amended the DROP policy to include the Revocation (UNDO) provisions. DPFP will be contacting members that have requested to be on the DROP UNDO list to schedule a DROP Revocation meeting. If your name is not on the list and you are interested in seeing how a DROP UNDO may impact you please call DPFP at 214-638-3863 ASAP to get added to the list. Please read important information about the process here.
As many of you know, DPFP is beginning the process of annuitizing DROP accounts as required by the provisions of HB 3158. The Board has adopted a DROP Policy which can be found here, which sets forth the method of annuitization and the details with respect to this process. This annuitization converts all DROP balances (except those of members who are still on active service with the City of Dallas) into a series of equal payments.
As a result of the annuitization, starting November 24, 2017, your account on Web Member Services will not reflect a DROP balance. Instead, the next pay stub will reflect the dollar amount of each DROP annuity payment you will receive (either monthly or annually) as well as the final date of the annuity.
With the beginning of the annuity payments, the payments of the Minimum Annual Distributions (MADs) has terminated. The final monthly MADs payment was paid in October, the first annuity payment will begin in November. The final semi-annual MADs payment will be made at the end of November for $12,000 (4 months times $3,000) for those receiving the MADs on a semi-annual basis.
In addition to the annuitization rules, the DROP Policy adopted by the Board also contains revised requirements and rules regarding DROP hardship payments. The revised forms can be found here. Please note that HB 3158 restricts hardship payments to only retirees who are former police officers or firefighters. Any other person entitled to receive DROP annuity payments is not eligible for a hardship payment.
- We are currently experiencing high call volume. When calling our office, please leave a message with your name and phone number and we will return your call as soon as possible.
- The DRAFT 2018 operating budget was initially presented to the Board on 10/12/17. It was revised at the 11/9/17 Board meeting and is available for member review. The proposed budget may be found here. Time will be allotted for member comments on the proposed budget at the 12/14/17 Board meeting, along with further discussion by the Board.
- On May 31, Governor Abbott signed HB 3158 into law. The Plan changes will become effective September 1, 2017. A summary of the Plan changes as compared to the current Plan can be seen HERE. The bill as signed by the Governor can be seen HERE.
The Nominations Committee has scheduled a meeting for October 10th at 3p.m. to certify the election results.
The Meeting will be held on the second floor of the DPFP office at 4100 Harry Hines Blvd, Dallas, TX 75219. Parking is available on the upper deck of the parking garage. The agenda can be found here.
The City alerted us the evening of September 21st that an error was made in calculating Police and Fire members City payroll. This error impacted tax withholding and the net payroll check. The pension contributions withheld were calculated correctly. The City will be correcting the error with a direct deposit early next week. Please contact the City with any questions.
Due to scheduling conflicts, certain of the items originally planned for the September 14th Board meeting agenda will be postponed to a later date. An Order of Business reflecting the items which are planned to be addressed at the 9/14 meeting can be seen HERE.
On September 1, the Nominations Committee held their first official meeting, called for interested candidates in the upcoming Trustee election, and approved an election schedule. The complete election notice with further details can be found HERE. The election schedule can be found HERE.
On May 31, Governor Abbott signed into law House Bill 3158 which mandates changes to the Dallas Police and Fire Pension System which will go into effect on September 1, 2017. One important change is the governance structure. The Nominations Committee is seeking interested candidates to serve on the Board of Trustees. They are seeking one active or former Dallas Police Officer, one active or former Dallas Fire Fighter and three trustees who are non-members (never served as a Dallas Police Officer or Fire Fighter).
Ballots for the Trustee Election were mailed and emailed on Friday, 9/29 and additional emails are being sent today, 10/2. Only members who have registered for eCorrespondence on Web Member Services will receive a ballot via email. If you are not on eCorrespondence, please allow time for the ballot to arrive in US Mail. If you are on eCorrespondence and have not received your ballot by the end of the day on 10/2, or if you have not received it through US Mail by 10/4, you may contact Election America, DPFP’s election vendor, at either 866-384-9978 or firstname.lastname@example.org. In the meantime, if you are unsure whether you are on eCorrespondence, you can contact our office at 214-638-3863 or email@example.com and our staff can confirm how your ballot was sent to you.
The Nominations Committee met on September 18th and certified the ballot for the Trustee election. The following three candidates were vetted and selected by the Committee to be put forward in the election for the Non-member Trustee positions: Blaine Dickens, Gilbert Andrew Garcia, and Tina Hernandez Patterson. The three Non-member Trustee positions are elected by both active Police Officers and Fire Fighters and Pensioners. These three candidates are not running against each other as there are three Non-member Trustee positions. Active Police Officers, Fire Fighters and Pensioners will be asked on the ballot to either Approve or Not Approve each candidate individually. Each candidate receiving more votes of Approve than Not Approve will be elected as a Non-member Trustee. The candidate’s statements and resumes can be found here.
The Nominations Committee also certified the ballot for the Police Officer Trustee election. Five candidates are running for the Police Officer Trustee position: Kenneth S. Haben, Stephen C. Paz, Joe Schutz, Scott Walton and Thomas White. In addition to the Non-member Trustee election, active Police Officers will also be asked to vote for ONE Police Officer to fill the Police Officer Trustee position. The candidate’s statements can be found here.
There was only one applicant to serve in the Fire Fighter Trustee position, Sam Friar. Since there was only one applicant, there will not be an election for the Fire Fighter Trustee position. Sam Friar was certified by the Nominations Committee pursuant to its policy to be elected as a Trustee. Active Fire Fighters will only participate in the Non-member Trustee election as there is no election for the Fire Fighter Trustee position.
Ballots will be mailed (or emailed) on September 29, 2017. The election opens at 8:00 a.m. Central time on Monday, October 2, 2017 and closes at noon Central time on Monday, October 9, 2017. The results will be announced on October 10.
The election opens at 8:00 a.m. Central time on Monday, October 2, 2017 and closes at noon Central time on Monday, October 9, 2017. The results will be announced on October 10.
The following three candidates were vetted and selected by the Committee to be put forward in the election for the Non-member Trustee positions: Blaine Dickens, Gilbert Andrew Garcia, and Tina Hernandez Patterson. The three Non-member Trustee positions are elected by all members. These three candidates are not running against each other as there are three Non-member Trustee positions. Members are asked on the ballot to either Approve or Not Approve each candidate individually. Each candidate receiving more votes of Approve than Not Approve will be elected as a Non-member Trustee. The candidate’s statements and resumes can be found here.
Five candidates are running for the Police Trustee position: Kenneth S. Haben, Stephen C. Paz, Joe Schutz, Scott Walton and Thomas White. Active Police members will also be asked to vote for ONE Police Officer to fill the Police Officer Trustee position. A candidate must receive at least 50% of the votes to be elected. The candidate’s statements can be found here.
There was only one applicant to serve in the Fire Fighter Trustee position, Sam Friar, therefore there is no election for the Fire Fighter Trustee position. Sam Friar was certified by the Nominations Committee pursuant to its policy to be elected as a Trustee. Active Fire Fighters will only participate in the Non-member Trustee election as there is no election for the Fire Fighter Trustee position.
The results of the 2017 Trustee Election are as follows. The results are subject to certification at the April 13 Board meeting. New trustee terms begin June 1.
Police Pensioner, Place 1:
Thomas D. Bowers, Jr. – 88 votes; 14%
Kenneth Sprecher – 373 votes; 57%
Joseph Thompson – 188 votes; 29%
Fire Pensioner, Place 1:
Jerry T. Minter – 184 votes; 38%
Larry D. Williams – 303 votes; 62%